Corporate News Wels, March 29, 2022
PIERER Mobility AG: Record growth in 2021 confirmed
- Revenues: 2,041.7 m€ (+33%)
- EBIT: 193.5 m€ (+80%)
- Motorcycle sales 332,881 (+23%)
- Bicycle sales 102,753 (+40%), thereof 76,916 e-bicycles (+37%)
- Dividend payment of € 1,00 per share
- Guidance for 2022 confirmed
Revenues and earnings in the 2021 financial year
The PIERER Mobility Group achieved record growth in sales and earnings in the 2021 financial year. This was driven by the high global market demand for Powered Two-Wheelers (PTWs). Despite the challenging situation in international supply chains on the one hand and risks due to the COVID-19 pandemic on the other hand, revenues improved by around 1/3 to EUR 2,042 million (previous year: EUR 1,530 million). With a total of 409,797 motorcycles and e-bicycles sold, the Group thus delivered a further record year in succession.
The Group increased EBIT by around 80% to EUR 193.5 million (previous year: EUR 107.2 million), which corresponds to an EBIT margin of 9.5%. The operating result before depreciation and amortization (EBITDA) of EUR 332.2 million is around EUR 100 million higher than the previous year's figure of EUR 233.5 million. The EBITDA margin is 16.3%. Due to the excellent result and the low working capital level, a strong free cash flow of EUR 172.2 million was generated. This corresponds to 8.4% of the revenues of the financial year 2021.
In the 2021 financial year, around EUR 203.1 million including leasing (IFRS 16) was invested in further growth, of which around EUR 131.1 million was invested in product development & tools.
As of December 31, 2021, the PIERER Mobility Group had a total of 5,249 employees, 4,340 of them in Austria. There are currently around 200 apprentices undergoing training.
Strong trend toward two-wheeler mobility
Driven by high global demand for motorcycles, the Group sold a total of 332,881 motorcycles (+23% year-on-year) in the 2021 financial year, with 249,290 KTM motorcycles, 60,801 Husqvarna motorcycles and 22,790 GASGAS motorcycles sold, and thus consolidated its presence in key motorcycle sales markets with its three motorcycle brands. In the European sales regions, unit sales were around 120,000 motorcycles (+23%). Significant growth was also recorded by the North American sales subsidiary with just under 66,000 motorcycles sold (+25%), and in Australia unit sales increased by 26% to approximately 21,000. The strongest growth potential was seen in South America (+62%) with 32,500 and in Asia (+56%) with 30,000 motorcycles sold. In addition, the Bicycle Division, with 76,916 e-bicycles (+37%) and 25,837 non-e-bicycles (+50%), was able to achieve sales growth with the Husqvarna, R Raymon and GASGAS brands of more than 40% in total and has already sold 102,753 bicycles. In addition, the acquisition of the well-known bicycle brand "FELT" was completed in December.
The international retail market environment also developed dynamically, where the European motorcycle market grew by approximately 8% to 740,000 units. The market share of all three brands was therefore 11.5% in 2021. Both the U.S. and Australian markets also performed positively, each recording significant double-digit market share figures of 11.3% and 19.7%, respectively. The Indian motorcycle whole market is on a slight upswing (+2%). Bajaj sold 60,000 KTM and Husqvarna motorcycles in India, resulting in a market share of 7%.
As a pioneer in the electrification of motorized two-wheelers, the PIERER Mobility Group already generated sales revenues of around EUR 181 million (+55%) with electrically powered two-wheelers (e-motorcycles and e-bicycles) in 2021.
Simplification of the ownership structure with Bajaj
The completion of the simplification of the ownership structure between the Pierer-Group and the Indian Bajaj-Group in Q4 2021 should be seen as an important milestone for the company. As a result of this capital increase, PIERER Mobility's shareholdings in the operating KTM AG increased to 99.8% (previous year: 51.7%). The remaining 0.2% of the shares were transferred to the main shareholder PIERER Mobility AG in 2022 in return for an appropriate cash settlement in the course of a squeeze-out.
Dividend payment of EUR 1.00 per share
It will be proposed to the Annual General Meeting to pay out a dividend of EUR 1.00 per share for the 2021 financial year. This year's dividend proposal will be 50 cents higher than the value of the last dividend payment.
Guidance for 2022 confirmed
In 2022, challenges in the international supply chains must be expected to continue, as capacity and supply bottlenecks at individual suppliers and in international transport logistics may lead to delays with deliveries.
In addition, it is also important to keep a close eye on geopolitical risks. Particularly, the war in Ukraine will have a negative impact on the global economy. The business of PIERER Mobility Group is not directly affected by the military conflicts in Ukraine. Indirectly, however, as is the case for whole industry, the risk is also increasing for the PIERER Mobility Group, primarily due to further increases in energy and raw material costs as well as negative effects on the capital markets.
In line with the strategic objective of contributing to emissions reduction and emission neutrality for motorcycles, the focus of development work in the years to come will increasingly be on alternative drive systems in the segment up to 15 kW. In the range above this, efforts will focus on the technological advancement of conventional forms of propulsion with synthetic fuels for avoiding CO2. The main goal is to fully exploit the innovation and development potential in the field of electric mobility and to help shape the growing market with e-fuel-powered combustion engines and secure market share as a global player with the strong brands of the PIERER Mobility Group. At least three electric platforms with multiple products will be introduced by 2024.
In the light of the above, the Executive Board confirms the Guidance for the 2022 financial year and expects revenue growth of between 6% and 10% (2021 financial year: EUR 2,041.7 million) with an EBIT margin of 8% to 10% and an EBITDA margin between 15% and 17%.
Group figures 2021 of PIERER Mobility AG (consolidated)
|MOST SIGNIFICANT FINANCIAL PERFORMANCE INDICATORS:|| || || |
| || || || || |
|Earnings figures|| ||2020||2021||Chg.|
|EBITDA margin|| ||15.3%||16.3%|| |
|EBIT margin|| ||7.0%||9.5%|| |
| || || || || |
| || || || || |
|FURTHER FINANCIAL KEY FIGURES:|| || || || |
| || || || || |
|Earnings and cash flow indicators|| ||2020||2021||Chg.|
|Earnings after taxes||m€||69.5||142.9||>100%|
|Free cash flow||m€||165.8||172.2||4%|
| || || || || |
|Balance sheet figures|| ||2020||2021||Chg.|
|Balance sheet total||m€||1,686.0||2,033.7||21%|
|Equity ratio|| ||38.8%||37.6%|| |
|Gearing|| ||47.8%||24.8%|| |
| || || || || |
1) Excluding lease additions (IFRS 16) in the amount of m€ 24.6 (previous year: m€ 19.5)
The Annual Financial Report, the Sustainability Report for the 2021 financial year and the Corporate Governance Report will be published on March 29, 2022 and will be available on the company's website www.pierermobility.com under the following links:
About the Group
The PIERER Mobility Group is Europe's leading manufacturer of "powered two-wheelers". With its premium motorcycle brands KTM, Husqvarna Motorcycles and GASGAS, it is one of the European technology and market leaders. In addition to vehicles with combustion engines, the product portfolio also includes emission-free two-wheelers with electric drives (particularly e-motorcycles and e-bicycles). As a pioneer in electromobility for two-wheelers, the Group and its strategic partner Bajaj have the prerequisites to assume a leading global role in the low-voltage range (48 volts). Entering into the (e-)bicycle segment with PIERER E-Bikes GmbH was another important step in intensifying activities in the field of bicycle electromobility. Bicycles are being driven forward under the brands Husqvarna E-Bicycles, R Raymon, GASGAS Bicycles and FELT Bicycles in order to participate in the attractive market growth in this segment and to become a major international player in this field.
THIS ANNOUNCEMENT DOES NEITHER CONSTITUTE AN OFFER TO SELL NOR AN /INVITATION TO SUBMIT A PROPOSAL FOR THE ACQUISITION OF SECURITIES OF PIERER MOBILITY AG. THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.
Contact - Investor Relations
Mag. Michaela Friepeß, Tel.: +43 (0)7242 / 69402
Email: firstname.lastname@example.org, Website: www.pierermobility.com
ISIN: AT0000KTMI02; Swiss Valor Number (Schweiz): 41860974; Ticker Symbol: PMAG;
Bloomberg: PMAG SE, PMAG GY; Reuters: PMAG.S
29.03.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de